Metal Products News
- Steel venture set up for overseas iron ore
Date: 25-May-2007 Sources: (Shenzhen Daily)
FOUR of China's biggest steel producers set up a joint venture company Wednesday to jointly explore for iron ore overseas, the Shanghai Securities News reported Thursday.
Wuhan Iron & Steel (Group) Corp. holds a 50 percent stake in the new company, while Baosteel Group Corp., Anshan Iron and Steel Group Corp. and Shougang Group each hold 20 percent, 15 percent and 15 percent, respectively. The report said officials declined to disclose the registered capital of the company, but the iron ore mined overseas and profits earned through outward sales will be distributed according to each company's stake in the joint venture company.
Sponsor Results:
